From Rigzone a timely article that addresses the costs and challenges of drilling, even if the Outer Continental Shelf were opened up. Read carefully what the article states about the alleged millions (billions?) of barrels of oil out there:
Producers will need to proceed carefully because, despite the 18-billion-barrel figure released by the government, no one knows what's really in the off-limits waters.
The U.S. Minerals Management Service, which oversees offshore energy development, came up with the estimate by extrapolating from nearby fields and exploration work performed before bans were implemented.
In other words, it's mostly guesswork. The Atlantic and Pacific coastal waters are almost entirely undeveloped, with even surface exploration work banned since the 1980s. The restrictions came as states worried about the environmental and economic impact of a spill from an offshore platform.
So the next time one of our Presidential wanna-be's starts talking trash about all the oil "out there", re-read this and ask yourself just when would that black gold make it to market? And what would that market look like when it arrives?